Average Irish person owed €152 by family and friends

New research from PayPal reveals that Irish consumers owe their family and friends millions of euro in small, unpaid debts.On average, Irish adults are owed €152 each through small loans they have made to their friends and family.PayPal’s research estimates this could amount to over €575 million in unpaid debts nationwide.PayPal boss Louise Phelan leads a ‘protest against cash’ on the streets of Dublin. Photo : Philip Leonard, Leonard PhotographyThe implications of unpaid debt on personal relationships are significant.A quarter of respondents (25%) state they will never lend money to their indebted loved one again, while 1 in 12 (8%) admit to having fallen out with their loved ones when a small loan has not been repaid.Two thirds (67%) of the survey respondents state that they use cash most often to pay friends and family.PayPal has scrapped its fees for euro money transfers between friends and family in Ireland to encourage more consumers to turn away from cash and embrace faster mobile payments.“Cash is still king in many people’s eyes, but it doesn’t deserve our loyalty.“Cash comes with hidden costs and frustrations, both financial and personal.There seems to be an Irish taboo around asking to be paid back by friends and family. Almost a third of us prefer to do nothing and not ask to be paid back, leaving many people out of pocket.PayPal previously charged a 3.4% fee + 35c on the portion of a Euro money transfer between friends and family1,014 adults were polled in Ireland in May 2018.Digital Desk
Source: Business News